Everest Industries Receives GST Order from Ranchi, Plans Appeal Against ₹2.77 Cr Demand

Everest Industries has received a new GST order from the Deputy Commissioner CGST, Ranchi, Jharkhand on December 31, 2025, following a Show Cause Notice dated June 24, 2025. This development comes as a separate matter from the company's earlier GST order disclosure related to Balasore, Odisha.

GST Order Details from Ranchi Authority

The order pertains to the period from 2018-19 to 2022-23 and involves multiple GST violations. The Deputy Commissioner has imposed a total demand of ₹2.77 crores on the cement products company.

Component:	Amount (₹)
Tax Demand:	66.22 lakhs
Interest:	0.18 lakhs
Penalty:	2.11 crores
Total Demand:	2.77 crores

Alleged Violations and Contraventions

The GST order identifies several key violations during the assessment period:

Violation Type:	Details
ITC Claims:	Excess ITC claimed in GSTR 3B compared to GSTR 2A
Ineligible ITC:	Availed ineligible/blocked Input Tax Credit
RCM Compliance:	Short GST payment under Reverse Charge Mechanism
Tax Liability:	Short payment compared to GSTR 1 declarations
Return Discrepancy:	Difference between GSTR-9 and GSTR 3B tax values
Interest Payment:	Non-payment of applicable interest

Demand Reduction and Legal Framework

The original tax demand including interest has been reduced by ₹1.45 crores, bringing it down from ₹2.11 crores to ₹66.40 lakhs. The order has been issued under sections 74 and 50 of the Central GST Act, 2017, SGST Act, 2017, and IGST Act, 2017.

Company's Response Strategy

Everest Industries plans to contest the entire demand of ₹2.77 crores through an appellate process. The company's assessment indicates confidence in achieving a favorable outcome at the appellate level and does not expect any material financial impact from this order. The company has stated its intention to file an appeal against the complete demand including tax, interest, and penalty components.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.46%	-13.98%	-15.61%	-20.68%	-34.38%	+39.07%

Everest Industries Limited has announced a senior management change with the resignation of its Vice President - Roofing, effective February 2, 2026. The company filed the mandatory regulatory disclosure on December 29, 2025, under SEBI listing regulations.

Senior Management Departure

Mr. Puneet Sharma, who holds the position of Vice President - Roofing (Business Head), has tendered his resignation from the company. His departure will be effective from the close of business hours on February 2, 2026. The executive cited his intention to pursue career opportunities outside the organization as the primary reason for his resignation.

Parameter:	Details
Executive Name:	Mr. Puneet Sharma
Position:	Vice President - Roofing (Business Head)
Effective Date:	February 2, 2026
Reason:	Career opportunities outside company
Notice Date:	December 29, 2025

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI Master circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which pertains to changes in senior management personnel.

Company Secretary & Compliance Officer Amruta Avasare signed the official communication to stock exchanges, ensuring compliance with mandatory disclosure requirements for listed companies.

Transition Arrangements

In his resignation letter addressed to MD & CEO Hemant Khurana, Mr. Sharma expressed gratitude to the organization for his professional development. He acknowledged the leadership team's role in enhancing his leadership and managerial capabilities during his tenure with the roofing business division.

The outgoing executive has committed to ensuring a smooth transition process before his departure date. The company has enclosed the original resignation letter with its regulatory filing to maintain transparency with stakeholders and regulatory authorities.